Rebounding from a year-over-year decline in December 2015. New home closings moved from none a year earlier to 1 after the figure moved from 4 in December 2014 to 1 in December 2015.
For new and existing homes, closings climbed year-over-year in January after also increasing in December year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings increased in January from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 24.7% of existing home closings, above 23.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 12.3% in January from 13.7% a year earlier while REO closings as a percentage of existing home closings gained to 12.3% from 9.8%.